Charlty Rag18tratlon No. 1131892 Company Rogi•lratlon Numb•r. 06565087 (England and Wales) THE JUNIUS S MORGAN BENEVOLEKf FUND REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
THE JUNIUS S MORGAN 8ENEVOLENT FUND ANNUAL REPORT AND FINANCIAL 8TATEIAEtrUS FOR THE YEAR ENDED 310ECEMBER 2020 CONTENTS Le9al and administrative informatK)n Trustees. report Independent auditorfs report Statement of financial activitkrys Balance sheet Statement of sh flcms Notes to the financial statements 10-15
THE JUNIU8 S MORGAN BENEVOLENT FUND LEGAL AND ADMINIST14ATIVE INFORMATION Tru•tee8 The Burdett Trust tr Nufsing MT Alan Gibbs Mr Andrew Gibbs Mr Andr Martin Smith Secretary Rathbone Trust Company Lld Charlty numbor 1131892 Company numb•r 06565087 R•gister•d offlce 8 Finsbury Circus London EC2M 7AZ Audltors HaysnHcintyre LLP 10 Queen Street Place London EC4R 1AG Bank• Coutts & Co 440 Strand London I2R OQS Soll¢ltorn BD8 Pibnans LLP One BartholOW Close London EC1A7BL Inve•tment advl80rn CCLA Investw*nt Manageffont Liniied & CCLA FurKI Managers Limited Senator House 85 Queen Wictoria Street London EC4V 4ET Rathbones Investment Management 8 Finsbury cIrj5 Lonclon EC2M 7AZ
TrIE JLINIUS S MORGAN BENEVOLENT FUND TRUSTEE8' REPORT IINCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020 The Trustses. wtto are also dire(ors of the Trust for the purposes of the Conyii8s ACL Present their annual report and finanual statements of the charity for the year ended 31 December 2020. The financial statements have been prepared under the provisions of the Finanoal Reporb'ng Standard appiicable in the UK and Republic of Ir8land IFRS 102) (Second Edition, effectNe 1 January 2019} - (Charitres SORP IFRS 102)). the Financial ReFQrtirrfJ Standard a[vIue in the UK arttl Reput4t of IrelarKI IFRS 1021. arKf the accounting policies set out on pages 10-11. The financial slateNents company wrth all other statsjtory requirements and the requifement ot the Trusys goveming drnents. Oblocllves and aetlvltle¥ The aim of the charity is to provKle ffinancial or other lef for needy practssing and fomw Trmbers of the nursing profespAon through the provision of grants. The Trustees have had regard to clty Commission guidance concerning public benefrt when considering the acttviti'es of the charity. Gfant Maklng and Operatlonal Pollcy The Fund assists registered nurses and health care assist who have pracllsed In the UK for a minimum of five years. The Trustees consKJer applications from individuats within the uiterial who firKI themselves in hardship for variety of reasons. The fvnd does not usually pay £datIOnal fees. In 2020, in Tesponse to the paTh]eIC the Trustees ended the criiero to all nurses, healthcare assi5t8nts and Stent nur5e5. The Fund will make cash payments to assist with payments for a variety of purposes including rental & mortgage arrears, heating. telephone charges. househobj renewal costs Idecorats'ng, fvrntture, fvrnishingl and adoption of homes for indiv•Juals with disabiliti'es. The Fund does not pay reSential or nursing home fees, holidays or fespite cara. The MMuM amount of any irwJp4idual in any 12 llK)nth perKxI will not nomwlty exceed £1,500 for all new awards. The Fund is a moml)er of the ACO (The P4sociation ot Charity Office) whth is an organwts'on whiGh has a helpline providing details on a wde range of benevolent funds to agencies such as &WA Citoens Advice Bureaux and other advisers as well as to Indivua1s. Achlevomgnts •nd rfOrnrt There were 209 1p1ants of one off grnnts Wovhded ty the charity. at an average grant of £750 per recipient {2019- 208 reupients with an average grant of£1.204}. The asset allOtiOn of this Trusl, with investff*nts in COIF Investment Fund and Rathbone Balanced Mandate, remains consislent with the preser¥ation of kng-tem) caprtal and a k)ng tenn investment horizon. The Trustee8 key object is to help nurses in hardship. In respon lo the Covid-19 pandemic the Twstees extended the criteria in March 2020 to indude third and fourth year nursing students who were working in the NHS. Flnanclal revl•w Total income was £409.099 {£417,922 in 20191, with £488,315 (£325.948 in 20191 being committed to charitable actNities of which £72,5151£70,565 in 20191 relating to support costs and £3.720 (£4,970 in 2019) relating to governance costs. reSu.n9 in net expendiiure of £79,216 (net Incon £91.973 in 2019). The total movement of resources in the year also indudes the unrealised and realised gains based upon the markd valuè of the investments at the year end of £218.851 (gain £512,840 in 2019).
THE JUNIUS S IAORGAN BENEVOLENT FUND TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 The Truslees have reviewed the serveS of the Trusl At 31 December 2020, the totsl reseNes amounted to £3,778,96912019'. £3,639,334). The reserves are considered to te at a Suitab level given the aim to strtke a sensible babnce betsveen the needs of the present and fuiure. R18k Management The trustees have undertaken a review of the major risks that coukl f&e the charity and have klentlfied that the prinapal risk faced lie in the perforn)ance of investments. The trustees consider variability of investrr£nt returns to constitute the charity's major finanaal risk. This is mitigated by retsining expert investment managers and having a diversthed investment portfolio. Structure, governance and management The 8enevolenl Fund is a company limited ty guarantee inctyporated on 14 2008 and was re9iStered as charity on 29 Septsmber 2009. The Tnjstees, who are also the directss for the purpose of conwany l*w. ar who Served during the year The Burdett Trust for Nur8W19 Mr Alan Gibbs Mr Andrew Gibbs MT Andrew Martin Smith The Trustees of the corpM)rate trustee. The Burdett Twsl ftK Nursing, who served during the year were.. Alan Gibbs Andrew Martin Smith Dame Christine Beasley DBE Evy Hambro Professor Davtd Sines CBE Dr Michael Gormley Andrew Gibbs Professor Charfes Anthony Butterworth Professor Mary Joy Lovegrove OBE Professor Ursula Maire Gallagher (deceased 25 Juty 2021) Audrey Ardem-Jones Organl8ation The Trustees are appointed by existing Trustees. On appointment. they are infomied about the activityes of the charity and are made aware of developments in the sector as required. The day to day administration of the ¢harity wa¥ delegated to Rathbone Trust Company Limbted. whth also arted as Secretsry to the Fund.
THE JUNIUS S MORGAN BENEVOLENT FUND TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020 ststoment or truiteos. r••ponslbllttbe8 The Trustees, who are also the directors of the Junius S M¢)rgan Benevolent Fund for the purpose of company law, are respon$iFAe for preparing the Trustees, Report aTrJ the xcounts in accordance with applicabl8 law and Unitsd Kingdom Ounting Standard$ (Uniied lfjngdom G8neralty Accepted ACCINI1n9 PractirRI. Company Law requires the Tnjstees to prepare accounts for each financial year which give a true and fair vlew of the slate of affairs of the ¢hanty and of the inconNng resour and application of resources, including the inwme and expendrture, of the charilable ccfflpany for that year. In pparing these accounts, the Trustees are required to.. Select suitable xcourting and then appty them wnsi5tenty; ObseNe the methods and principles in the Charits'es SORP. Make judgements and estirTOtes Ihat are reasonatjle and Prudent state whether applvble accounting Standards have been follow•l, subject to any materral departures disclosed and explained in the financral statemnts; and Prepare the accounts on the going o)ncem basiq unless li apPrOprIate trj presume that the ch*lty will ¢[tInUe in Operat. The Trustees are responsible for keeping adequate acc(wnting recwds that disclose with reasonabl8 accuracy at any bme the financial poSitn of the charity and enable them to ensure that the accounts company with the Companies Act 2006. They are also re¥x)nsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Audftor The auditOfS, Haysmacintyre LLP, will be WOFwd for rwppointmnt in a(ordance with sectlon 485 of the Companies Act 2006. Dl$clo8ure of Inform•tlon lo auditor Each of the trustees has confirmed that there is no infonnation of whth they a aware which is relevant to th8 audit but of which the auditor is unwdre. The Trustees have taken all steps that they ought to have taken to make themselves aware of any rdevant audit informats'on arKI io estsblish that the auditors aro aware of that inf0mtIOn. In preparing ihis report, ihe trustees have tsken the exeniptM)ns available to srro11 Companies and have not prepared a strategic report. The Trust8es' Report was approved ty the Board of Trustees. MrAlan Gibbs Trustee Dated.. 1 Septernber 2021
INDEPENDENT AUDrroR'S REPORT TO THE MEIABERS OF THE JUNIUS S MORGAN BENEVOLENT FUND Oplnlon We have audited thè financial statmnts ol Th• JWUB S MoryJan Ber•volert Fwd frjr thp year ended 31 Oecember 2020 which c¥Jmpriso the Statemerrt of FInarla1 A¢¥e$. the Balan¢e Sheet. the Statement of Cash Flows arxl notes to the finanaal ststements. includiNJ a sufflmary of $ionrftsnt n{al0 pCIe$. The finaral roForting fram8wuth that has bèèn 8pplied in their preparation 1$ applKable law United AcwJntin9 Sl¥ndards, includlt)g Fina1&1 Reportirvj Standard 102 The FinarKi& Rewting 8pplcable lh6 UK and R8putAi¢ d lTrland IUnit•d lfjn9dom Gen8rally Accepted ACCnbrO Pra¢lice). In our opinion. finarthl statemonts.. 9ivg a tru8 and fair vivw of the State of the tharitable compan5 affairs as at 31 LJecemb8r 2020 and of the ¢haritable o)mpany's rt rnrnerrt In funds, indu¢thry the KK#)rne exFnditure, forthe year then ended: have been pfop•rfy prepargj in acctydarK with United kn"rwJdom Gen8rally ApIed A)unInU Prathe., an¢J have been prepared in acctrdance with the requirell ofthe Cpari Act 20C6. Ba$1$ lor oplnk>n We conductefl our audit in ¥¢tOrdCe ilh Intfjrri StsndafdB {UKI (ISA8 IUIQ) and appIlble law. Our r&sponslbililies und81 those 8tsndard8 are further tjewbed thg ALKJitorfs r8spowtx1&s the audit of the ffinancTral statements section of our rfjp)rt. are indepen¢Jent of ihe charity in ac£YKdance with the ethical requirwnefits Ihal are relev8nt to ¢)ur authi of the firw)¢ral statemwits in the UK. induthng the FRC'S Elhtsl Standard. and we have fiJlfilled our othw elhlcal responsbditw In actlar wilh those rffjuirernenls. We bthe that lh& audit evidenc we have obtained 18 sufficiont and 8pproprial8 lo yovNJe a b8 for wr oFrion. Con¢lu•ions relatlng to golng conc•m In auditing the finanoal statements. we have CO1 that thè tr,$ u8e of cOaM ba¥ ol aCuUnti in Ihe prepara140n of the financial statements is approkywte. Based on the work we have perfomd. hav• not ident1fd any m$tw urKertainties relating to events N eMdit$ thaL in¢Jividuty or c1ty. may c88t sonrffjeant doubt (m thè carilabkn MpanY'S b ability to continu• •$ o going ojncem for ¥ period of at lèast e1ve mcth from Il financ4al StatemlS are wjthorised for issue. Our rn$ponsibi1th5 the re8ponwbrfits of th& dKedors wdh respeci to goiThJ c4)Km Ire descriw tn the 1818vant seclion$ ofthi$ report. Oth•r Infornmtlon The trust8es ale responsNI e for Ihe other infomiation. The other information compri¥es the rnlormation indud•d in the Trustees, Annu8Y Report. Our owion ¢)n the fr101 $t8tements Ikw Th)t ctrler th8 othor infoimalion and. except to the extent othwwise expliotty ststed in our report. we tx) not express any fomi ofassurarts ¢ondusion thw80n. In connection with our audit of thè finwal statements. wr reSp)nbIlty 1$ to rEad the other infomtion and, in (lolng 80. o)nsidor whether the other infomiation is mateiialty incor6É81ent wth the fi[>81 slatsmlS or our knvwladge obtslned in the audit or othernYi8e appears to be materialty misststed. If we hlentify such material inconsthnues or apparant material misststem•nt¥, we are requId to delenni t•thelhèr tr¥e is a mat1#1 mis8tatement the finarKaal statemènts or 8 material misstat&menl of th• other infofrnalion. If. bgsed Lyt tt we h8ve perfomwt, we corrtlLbJe Ihat tharg 1$ a mat181 rnisstatement of this other infmtion. VIE are required lo report that fac IAè havg nthng to report in thi$ regard. Oplnlorw oft othor m•tt•rn w•gcrtl)•d trJ7 th• Compan1•• Act 2008 In our oplon. b¥sed on Ihe work undertaken in the course of the audit.. thg infoThnation given in tho Trustees. Annual Resy)rt I(Je8 ihe strategic report and itte dir8dors' rnport prepared forthe PLKPOSèJ of t>)mpany Lffi¥l frjr th& fttwirAal year for whi( the ffinandal st8tements are PTepar8d 18 onsistenl with Ihe financ1 statements,. and th8 strategK Teport and the th"rector5' report i&ed vlilhin the TfU8tees' +4nnual ReFtst have been prepar¥d in MtteF¥ on whl¢h w• aro rnwlr•d to rwrt ty ?xc•p In the light of th¢ knowlYge ar uThderstsnding of the dwilth rxffnpany gnd tt8 emircrt djtaned in the cowse of the audit. w¥ have not Jenlified materi81 IrHsst8tements in th& Trustees. Annual ReF)rt. We havè nothiro to rewt in respect of th• f¢knryng malt8rs in rnktion lo tho carleS Act 20A require8 us to report to you rf, in our opinion.. adeq accounting record8 have not l>e8n kept by dwilabl8 comwy., or th¢ (antable cc¥npany ffinancaal statemnts 80 nol in agreem1 ¥wth the accounlirwj re(¥Jrd8 and rolum$,' or ¢ert8in dischjsures of trustees, remuneralion speuffied by law afe ncl made.. LY we have not re¢ewed all the infornab.on 8nd explanation$ we require for our aLaiL' or Ihe trustee8 were not enlilled to prepare ihe ffftarKial 8terrnnts in gc£ordanc* with th8 sman ttrtnwies. regim8 and take advantage of Ihe small tompJnie8' exemptiom in preparing the trust¢oB' report end from Ihe requirement to prepare o strotegt repo
INDEPENDENT AUDrroR REPORT TO THE MEIJBERS OF THE JUNIUS S MORGAN BENEVOLENT FUND RPOrt91b1ltt11I for th• fifi•neI •t•torn•nts As explained mofe knlty in the tru8te8s' reStS)Irt Statem Set fArt on pag8 4. the InMt898 Ivtho are aL80 the dir&Gtor8 of the th8rrtabie company fry the purposes of compary lawl we We8w1b for Ihe preparation of tre finandal statements and for being satisfied thel they 9i¥e a true and fair view. atml frx swh internal ctM)tr0186 the Iru51as deiemin8 necessary to able the weparation of are froe maknial mi58t8t•ffrt vtheth8r to fraud or error. In prepartng ffinancial statem•nts. the trle6 arn respon8ible for assesjing the (arit8blo ¢>xnpwrf8 atrillty tts contin4 as a golng I)cern. disdosing. as picable. matters related to wng wicem and using the going cLficem basis of a)Unting unless the trusts otther inteTrJ the dwitth cLrfnp or to C¢86e op8ralior. or havo no realistic altemalwe to do so. AudltyV8 rn•pon•lbillll•B forthe I111011¢ flnan¢W •taknw Our objectives are lo obtsin reason¥t4e a56urarKe about wlwther Iho financaJ slalemenl$ as 8 vJhde are free frvrn fflateTial missiatsmenL whether due to fr•Jd or etror. afMI to sue an auditorfs reFYt that indudes opini. Reasonabl8 gssur8nce is a high levd of a58uranc•, trArt rd not a guar8ntee thal an audrt conduced in accordance vrith ISA$ (UK} wlll alw8ys detect a material misststement vhn it exists. Misstalerwrts Can arise from or error and are considerod material rf, irKlid¥1IY or in the aggregate, could reoscThbty be exrèded to inftuence tha dectsKms of users laken on the basis of these finanGig1 stot•mwts. IrreguL4rilies. inclLMJing fraud, ara instsnces of nor}¥?11ance laws and regulations. deswjn W0ureS in Ilne wrth our respon8ibAities, oulined above. to deteex material misslatomwits in fwed of wregukn"tss, induding fraud. The oxler¢l to which c¥Jr prLKedurns are c4PatAe of Ir•s. irthdng hL¥J is dètallgd bthi: 8889d on our underniTh3 of dwi ownpY KI thg In wtHd) rt QFerales. ented that thè prinap81 risks of non-compliance lav45 and regubtions rewd to regulatory r4uiremfjnts of thg Charity CommlssKJn, and w8 cOred the exienl to which n¢nMplI8tXe mpam have a materi81 effed on fina81 ststements. Wè also consid8red those law$ 8nd reguSAtIo that a direct the prepwabon of th8 ffinwal statnentS such as the charit Act 2011. COMNIeS Ad 2fX6 arhg the ta¥atw en¥wl11. We evaluated management's opporttnths fty fra11• ffl8niwLqlKM of the finwal statements [Indjng Ihe rtsk of oveNkle of o)ntrols). and d¢temiirnd th81 Ihts wirKipal risks were r•ted to poslirvJ inoppropriate ioum•l entries and managermnl In estiywtes t4KI J1M0nts. prctedureB peFbrmed by the engogement team included.. . Discus5ion$ with MagMent irYthKling o)nsider8bon of known or wsp&d irotarTh8 of nm-cfjnpliance th laws and regulalion and fraud., . Ev8luating manageTwrfs ¢wtriAs ¢J•swJned to and detxt irreglI1ets,' Identfyir@ and testing ioumals, In particwlar joumal entrw F¥)stsd unusual •>))urtt combinatiorts. po8llng8 by unusual u8efS or wtth unusual de8uiplions: aNI . Choltenslng assumptio nwde by mageme in t1r uthc81 oCC(rtmting eBtimal8s. A further dCrIption of our resporritslrtm for thts audit of th• fmarKial statements 18 Ited on the Finanaal Repth'ng Counal's website at K.frG.or .ukl On5111tes. Thi5 dewption fr)rns part of our auditorf8 port. Uso of our r•port This report is made soldy to Ihe (tharitsbltt oxnparty'$ men*ers, as a tmty. in acOXdan with Chaptsr 3 of P8rt 16 of th Companies Act 2CJ)6. Our audil wort h88 bgen UFvJ8rtaken $0 that wa might Stste to the dritable companY$ membors IPK)se mattèrs we are requir&J to slate lo them in an Audilorfs rewrt and for no otlw purpose. To the fvliest exl¥nt peitted by law. we do not a¢cept or ossumg to 8nythw other Ihan th8 charitablg MpanY and the dritabh compèrf¥ rnembers as 8 bjdy. for our wditwork. for this pOrt. orfor the OFInn¥ we have fom)ed. Stevon Haw (Senior sta Authts) For and on behalf of Haysmacintyre LLP. Ststu1 Date.. 28 September 2021 10 Quaen Street Plar Lond EC4R 1AG
THE JUNIUS S MORGAN BENEVOLENT FUND STATEMENT OF FINANCIAL ACTMTIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 INCOME Donations and legacies Investments 306,577 102,522 314,353 103.570 Total Income 409,099 417,923 EXPENDrruRE Charitable expenditure 488,315 325.949 Totsl oxpgndlture 488.315 325,949 Net incomel(exp8ndlturnl bor8 Invo8lTn•nt (lossesvgalns (79,2161 91,974 Gainl{lossl on investrnts 218,851 512.840 Not in¢om• and movom•nt In funds 139.635 604.814 Fund balances at 1 January 2020 3,639.334 3,034.520 Fund balanu8 at 31 Do¢•Mr 2020 3,778,969 3,639,334 The statement of financial a¢tNbties also complies with the Nuirefftnts for an income and expendilu account under the Companies h£t 2006. The accompanying accounting policies and notes on pages 10 to 15 forn an integral part of these financial statements
THE JUNIUS S MORGAN BENEVOLEKf FUND COMPANY NUMBER: 06585087 BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 FIXED ASSErs Investments 10 3.741,031 3,522.>S3 CURRENT ASSETS Debtors Cash at bank and in hand 24.264 43,952 24.265 126,139 68.216 150.404 Crèdltorn: amounts falllng due within one year Other creditors 12 30,278 34.033 Nel current assels 37.938 116.371 Total net assets 3.778,969 3,639,334 INCOME FUNDS Unrestricted fvnds 3.778,969 3,639,334 3.778,969 3,639,334 The financial statements were approved by the Trustees and auknised for issue on 1 September 2021 and are signed on their behalf by Mr Man Gibbs Trustee The accompanying accounting poliaes and notes on pages 10 to 15 fomi an integral part of these financial statements
THE JUNIUS S MORGAN 8ENEVOLEpif FUND STATEMENT OF CASH FLOWS FOR THE YUR ENDED 31 DECEMBER 2020 2020 2019 Cash Ilo*• from operatlng actlvitlè• Cash ab50rted by operations 14 1185,493) {9,3581 Investlng a¢tfviti08 Oividends and interest receNed from Investments Investment additions Investment disposals 102,522 103,570 Net cash 9onOf•tsd from invt1Th9 •¢tlvltles 103,306 103,570 Net Incr•a¥•l(d•cr••8•) in ca¥h and ca•h equivalents (82,187) 94.212 Cash •nd c•8h •quivalents at beglnfilng of yoar 126.139 31.927 Cash and cash equNalents at the end of year 15 43.952 I,139
THE JUNIUS S MORGAN BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDEO 31 DECEMBER 2020 ACCOUNTING POUCIES Company Infomutlon The Trust is a company limiied by guarantee registered in EngLqnd and Wa. The members of the company are the Trustees named on page 1. In the event of the chanty being wound up, the liability in respect of the guarantee is limited to £1 per rnember of the charty. The principal accounting FX)licies adopted, judgements and key sources of ests'mation uncertainty In the preparation of the financial stements are as follows.. Accountlng Convantlon These accounts have been ppared in aordanCe wilh FRS 102 'The Finanual RepO"ng Standard applicable in the UK and Republic of Ireland" l°FRS 102.1. "Accounling and Rep)ng by Charities. the Statement of Recommended Practtt for charrties apptying FRS 102 {SORP 20151 {Second Edition. effective 1 January 2019) and the Companies Act 21)06. The charity is a Public Benefit Entity as defined by FRS 102. Assets and liabilities a inilTralty recognised al historical Cost or transath'on value unless otherwise stated in the relevant policy note. Golng ¢onc•rn The trustees ¢onsider there are no material uncertainlies about the charity's ability to continue as at a going concem. The review of our finanaal $((KIn, reserve levels and future plans gives Trustees confidence the Charity remains a going concern for the foreseeab fubjre. Charltsble fvnds Grants are included in the financial ststents when approved by Trustees and notified to recipients. The value of commrtled grants unpaKI at the year end ts accrued. Grants offered that are subject to conditions that have nol been at the year end are not as a commthnt but not accrued as expenditure. 1A In¢orno tlonatlons and gffts Donations and gifts are included in the accounts in the year in whth they are receiv8bl8. Investment Income Investrrent incomo 1$ accounted for on an awuals basis in the period to which it relates. Exp•ndltur• Managemenl and admlnl¥tralJon Management and administration costs Comprise those costs inwrrod in running the charity. They have been apportioned on the basis of time spent ben Charitab activi$, cost of raising funds and governance eosts. Governance Governance costs consist of those costs asswated with the overall running of the Charity and meeting statutory and ragulatory requirements. Cash and cash •qulvalents Cash and cash equivalents include cash in hand. deF4)sits hekl at call with banks, other 5hort-term liquid investments with ormjinal ffraturities of three monlhs or s. 10
THE JUNIUS S MORGAN BENEVOLENT FUND NOTES TO THE FINANCIAL STATEAIENTS ICONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020 AccouKfiNG POLICIES l¢ontInu Debtorn Trade and other debtors are recc3nised at the settlement arnount due after any tr&Je ¢Yi$¢ount offered. Prepayments are valued at the amount prepah1 nel of any trade discounts due. Credltorn and provlslons CreditOTS and provisions are reccJnised where the charity has a wesent obligation resulting from past event that will probably result in the transfer of fvnds to a third paty and tt)e amounl due lo settle the oblwation can t* measured or esb"mated relbaw. Flnanclal Instruments The charity only has financial assets financial liabilrties that qualffty as basic financial instruments. Basic financial instruments are inrtialty recognised at transaction value and subsequently measured al their settl&ment value. 1.10 Invostments Fixed assets investments represent listed investments which are ststed at market valuatlon, where market value pre$ertts the bid value on the fast trading day before the year end. Any unrealised or realised gains arising from Investrnts are accountsd for in the Statent of Financial Activities. 1.11 Judgements and estlrnales In preparing these h'nancial statements. tr¢e Trustees have made judgements, estimates and assumplions that affect the application of the charities accounting pOIleS and the reported assets, liabllities, income and expenditure and the discbsures made in the financial stat•ments. Estimates and judgements are continually evaluated and are based on historical experience and other factors. including exFectstions of future events that are telieved to be reasonable under thè circumstances. The Trustees do not believe there are any signfficant areas of ests'mate or judgement wlthin these financial statements. Donatlon8 and legaclos 2020 2019 Grant from The Burdett Trust for Nursjng Other donation$ 3CN),000 6.577 300.000 14,353 306,S77 314.353 Inveslments 2020 2019 Income from listed investments 102.522 103,570 102,522 103.570
THE JUNIUS S MORGAN BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMEpifs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Charltable acUvllle• 2020 2019 Grant funding of &tivitses (see note 5) 412,080 250,414 Support costs (see note 61 Govemance costs (see noto 61 72.515 3.720 70,565 4.970 488.315 325.949 Grants payabl• 2020 2019 Grants to individuals 549 grants {2019. 208 grants) 412,080 2SO.414 Support coots Support GovernaTr 2020 2020: General adminiStrath costs Sundry expenses Consultsncy fees Audit fe85 63.000 8.572 63,000 8,572 943 3.720 3.720 72.515 3.720 76,235 spOrt Governance Costs Costs 2019 2019: General adminiStratn costs Sundry expenses Consultancy fees Audit fees 57,013 13.347 205 57.013 13.347 205 4.970 4,970 70.565 4.970 75,535 Tru8tèe8 None of the Trustees (or any persons connected tInI receNed any remuneration or benefits from the charity during the year. 12
THE JUNIUS S MORGAN BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS ICONTINUED FOR ThE YEAR ENDED 31 DECEMBER 2020 Employo Thère were no ernOyeeS during the year {nil in 20191. Net galnsl118è1j on Inv•strMnts 2020 2019 Unrealised gains and losses on investnts Realised gains arKI losses on InVestnnts 218,851 512,840 Revaluation of investff£nts 218,897 512.840 10. Flxod a8SOt Invutments Ll8ted Inv•stmént8 Valuatlon At 31 December 2019 Unrealised gain in the year Disposals 3.522,963 218,851 {783) At 31 De*mber 2020 3,741,031 2020 2019 Historic cost of investments 2.235.366 2,235.366 11. Debtors: amounts falling due wlthln one year 2020 2019 Investrnent income accrued 24.264 24,265 24.264 24,265 13
THE JUNIUS S MORGAN BENEVOLEpif FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2020 12. Crodllor•: amounts falllng due wlthln ong yoar 2020 2019 General administratn costs Audit fees 27.278 3,000 30,013 4,020 30,278 34,033 Reconclllatlon of grant credltor 2020 2019 Opening grant creditor GTants aulhotised in the year Grants paid in the year 412,080 (412,080) 250,414 1250,414) 13. Rolatod party ir¥nsa¢llons The charity is controlled by the Burdett Trust for Nursing. an inrp[ated charity. Grants from the Burdett Trust for Nursing are di5clos&d note 2. During the year. Ralhbone Trust Compary Limited acted as company secretary for the charity. Fees of £63.¢)00 12019.. £57.013) were payable lo Rathbone Twst Company Limited for secretarial and administratK)n servus. Al the year end £27.000131 December 2019 - £30,013) was due to Ralhbone Trust Company Limited. 14. Cash u8¢d In opefatlon$ 2020 2019 Surpluslldeficrtl for the year 139,635 604.814 Adjustmènts for. Investment ina)me recognised in the Statement of financial aclNities Unrealised IgainlAoss on investments (Increaselldecrease in debtors Increa5elldecrease) in credrtors 1102.522) {103.5701 (218,8511 (512,8401 18251 3.063 {3,7551 Ca•h u•od In oper•tlon• (185,4931 {9,3581 14
THE JUNIUS S MORGAN BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMEpifs (COlrnNUED) FOR THE YEAR ENDED 31 DECEIABER 2020 Cash and cash aqulvalonts 2020 2019 Cash at bank and in hand 43,952 126,139 Anatysh of changos In not funds 1 January 2020 Cash410 31 December 2020 Cash at bank and in har#d 126,139 (82,187) 43,952 126.139 (82,817) 43,952 15